Restaurant Brands International Reports 6.9% Revenue Growth in Q3 2025

Restaurant Brands International Limited Partnership (RBI) reported a notable increase in financial performance for the third quarter of 2025, with total revenues reaching $2.449 billion, up from $2.291 billion in the same period last year, marking a 6.9% increase. For the nine months ending September 30, 2025, revenues totaled $6.968 billion, compared to $6.110 billion in 2024, reflecting a 14.1% increase. The net income attributable to common unitholders for the third quarter was $436 million, or $1.51 per Class A common unit, compared to $357 million, or $1.24 per unit, in the prior year. For the nine-month period, net income was $920 million, or $3.18 per unit, down from $1.084 billion, or $3.76 per unit, in 2024.

The company experienced significant operational changes, including the acquisition of BK China, which was classified as held for sale and reported as discontinued operations. This acquisition, along with the Carrols Acquisition completed in May 2024, contributed to the overall growth in revenues. The total number of restaurants operated by RBI increased to 32,423 as of September 30, 2025, with a net restaurant growth of 2.8% over the past year. The company also reported a system-wide sales growth of 6.9% for the quarter, driven by strong performance across its brands, particularly in the Tim Hortons and Popeyes segments.

In terms of operational metrics, RBI reported a 4.0% increase in comparable sales for the third quarter, with notable growth in system-wide sales across its five franchisor segments. The company’s supply chain sales also increased to $769 million, up from $699 million in the previous year. However, the company faced challenges with rising operating costs, which increased to $1.786 billion from $1.714 billion year-over-year, primarily due to higher supply chain costs and company restaurant expenses.

Looking ahead, RBI remains focused on its strategic initiatives, including the ongoing integration of BK China and the refranchising of the Carrols Burger King restaurants. The company plans to invest significantly in its brands, with a multi-year "Reclaim the Flame" plan for Burger King aimed at enhancing sales growth and franchisee profitability. The company’s liquidity position remains strong, with cash and cash equivalents of $1.206 billion and available borrowing capacity of $1.248 billion under its revolving credit facility as of September 30, 2025. RBI anticipates continued growth and operational improvements as it navigates the evolving market landscape.